Credit Union West
"With the financial problems most organizations are facing, it's easy to take away benefits. But that's not the best approach in the long run."
– Steve Becker, CEO, Credit Union West
Company Facts
- Location: Glendale, Ariz.
- Type of business: Credit union
- Number of employees: 192
- Founded: 1951
- Web site: www.cuwest.org
Benefit highlights
- 100% employer-paid medical insurance premiums for employees
- 401(k) plan with an employer match of 100% up to 5% of pay deferred; average employee deferral of 5.8% percent
- 457(b) plan
- Defined benefit plan
- 100% employer-paid premiums for short- and long-term disability insurance
- 100% employer-paid premiums for long-term care insurance
Percent of employees participating in 401(k) plan: 87%
How they've continued to protect the financial security of employees in this economy: Credit Union West undertook several cost-saving strategies in 2009 but did not cut employee benefits. "In this economic environment, we don't want our employees to worry about losing their benefits," said Karen Roch, the credit union's vice president and chief personnel officer. Credit Union West also doubled the number of on-site financial education meetings for employees.
Other interesting facts:
- Uses a wellness-based health reimbursement account (HRA); employees earn company contributions to their HRAs by participating in wellness activities
- New employees are automatically enrolled in the organizations 401(k) plan at a 5% contribution level so they'll receive the full employer match
Why Judges Selected Credit Union West
Watch a video of comments from 10 Best judge John McClain.
Read the transcript
"Credit Union West had a generous commitment to their retirement plans for 2008 by contributing over $2 million to both their defined benefit plan and defined contribution plans. (And) their commitment to (paying) 100 percent of medical premiums and for long term care premiums for their employees."
–
John McClain, 10 Best judge and vice president of Human Resources at NORCAL Mutual Insurance Company, winner The Principal 10 Best Companies—2008.
